HomeMy WebLinkAboutOrdinance - 5197-1967 - Issuance Of $2,500,000 Gen Obligation Bond Fund. - 02/23/1967ORDINANCE NO.
"AN ORDINANCE by the City Council of the City of Lubbock, Texas,
authorizing the issuance of $2,500,000 1 CITY OF LUBBOCK,
TEXAS, GENERAL OBLIGATION BONDS, SERIES 1967', dated
March 15, 1967, for the purpose of making permanent
public improvements, to-wit: $675,000 for constructing
improvements and extensions to the City's Waterworks System;
$75,000 for the purchasing, constructing and installing of
street lighting in and for said City; $100,000 for construct-
ing and equipping a fire station building in and for said
City; $430,000 for constructing improvements and extensions
to the City's Sanitary Sewer System, including the acquisition
of necessary rights-of-way; $630,000 for constructing street
improvements for said City, including acquisition of rights-
of-way; $215,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters, and other im-
provements incidental thereto in and for said City, including
the acquisition of land for drainage purposes; and $375,000
for purchasing and/or improving lands for public parks in
and for said City; prescribing the form of the bonds and the
fonn of the interest coupons, levying a continuing direct
annual ad valorem tax on all taxable property within the
limits of said City to pay the interest on said bonds and
to create a sinking fund for the redemption thereof and
providing for the assessment and collect'ion of such taxes;
enacting provisions incident and relating to the purpose
and subject of this ordinance and declaring an emergency."
WHEREAS, pursuant to an election held in the City of
Lubbock on the 10th day of September, 1959, a majority of the duly
qualified electors of said City who owned taxable property therein
and who had duly rendered the same ·for taxation sustained propo.si-
tions authorizing the City Council to issue general. obligation
bonds of the City to mature serially over a period of years not to
exceed Thirty (30) years from their date and to bear interest at
a rate not to exceed Five Per Centum (5%) per annum, for the
purpose of making permanent public improvements, to-wit:
and
$4,000,000 for constructing improvements and extensions
to the City's Waterworks System;
500,000 for the purchasing, constructing and installing of
street lighting in and for said City; and
400,000 for constructing and equipping a fire station build-
ing in and for said City;
WHEREAS, pursuant to an election held in the City of
Lubbock on the 17th day of September, 1963, a majority of the duly
qualified electors of said City who owned taxable property therein
and who had duly rendered the same for taxation sustained proposi-
tions authorizing the City Council to issue general obligation
bonds of the City to mature serially over a period of years not
to exceed Forty (40) years from their date and to bear interest
at a rate not to exceed Five Per Centum (5%) per anntnn., for the pur
pose of making permanent public improvements, to-wit:
and
•
$2,500,000 for constructing improvements and extensions to
the City's Waterworks System;
970,000 for constructing improvements and extensions to the
City1s Sanitary Sewer System;
1,200,000 for constructing street improvements for said City,
including acquisition of rights-of-way;
1,750,000 for constructing, enlarging, extending and
installing storm sewers, drains, and gutters, and
other improvements incidental thereto in and for
said City, including the acquisition of land for
drainage purposes; and
750,000 for purchasing and/or improving lands for public
parks in and for said City;
WHEREAS, the City Council has determined to issue such
of the authorized but unissued bonds of the September 10, 1959
voted authorizations and the September 17, 1963 voted authorizatio
as hereinafter provided to be issued and as shown in the tabulation
below, it being understood that the City Council reserves the right
and authority to issue the remaining amounts of the bonds in one
or more series at a future date or dates when, in the judgment of
the City Council such amounts are needed for their authorized
·purposes. A tabulation showing the amounts of all bonds previously
authorized and issued for the respective purposes aforementioned,
the amounts being issued by this ordinance for the purposes indica-
ted and the balance remaining for future issuance is as follows:
Date of Amount Amount
Authorizing Amount Previously Being Unissued
Purpose-Election Voted Issued Issued Balance
Waterworks 9-10-59 $4,000,000 $3,670,000 $330,000 $ -0-
System
Street 9-10-59 500,000 375,000 75,000 50,000
Lighting
Fire Sta. 9-10-59 400,000 140,000 100,000 160,000
Date of Amount Amollllt
Authorizing Amount Previously Being Unissued
Purpose Election Voted Issued Issued Balance
Waterworks 9-17-63 $2,500,000 $ -0-$ 345,000 $2,155,000
System
Sewer 9-17-63 970,000 540,000 430,000 -0-
System
Street Imp. 9-17•63 1,200,000 157,000 630,000 413,000
Storm Sewer 9-17-63 1,750,000 750,000 215,000 785,000
Park Imp. 9-17-63 750,000 375,000 375,000 -0-
and
WHEREAS, the City Council deems it advisable and to the
best interest of .the City that the bonds of the authorizations
hereinabove described shall be issued in a single combined series;
and
WHEREAS, it is FOUND, DETERMINED AND ADJUDGED that it is
necessary and to the best interests of the City to construct the
improvements and extensions herein contemplated at the earliest
possible date for the immediate preservation of the public peace,
property, health and safety of the citizens of the City of Lubbock,
Texas, and that by virtue thereof this ordinance shall be passed
and adopted as an emergency measure; therefore
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF
LUBBOCK:
SECTION 1: That the bonds of the City of Lubbock, Texas,
to be known as "CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BONDS,
SERIES 1967", be and the same are hereby issued under and by virtue
of the Constitution and laws of the State of Texas, for the purpose
of making permanent public improvements, to-wit: $675,000 for
constructing improvements and extensions to the City's Waterworks
System; $75,000 for the purchasing, constructing and installing of
street lighting in and for said City; $100,000 for constructing and
equipping a fire station building in and for said City; $430,000 .
for constructing improvements and extensions to the City's Sanitary
Sewer System, including the acquisition of necessary rights-of-way;
$630,000 for constructing street improvements for said City, includ-
ing acquisition of rights-of~way; $215,000 for constructing,
enlarging, extending and installing storm sewers, drains, and gutters,
and other improvements incidental thereto in and for said City,
including the acquisition of land for drainage purposes; and
$375,000 for purchasing and/or improving lands for public parks in
and for said City; aggregating the principal sum of TWO MILLION
FIVE HUNDRED THOUSAND DOLLARS ($2,500,000).
SECTION 2: That said bonds shall be numbered consecu-
tively from One (1) through Five Hundred (500); shall be in denomi-
nation of Five Thousand Dollars ($5,000) each, aggregating TWO
MILLION fIVE HUNDRED THOUSAND DOLLARS ($2,500,000); shall be dated
March 15, 1967; and shall become due and payable serially, without
right of prior redemption, on March 15 in each of the years in
accordance with the following schedule:
AMOUNT MATURITY AMOUNT MATURITY
$125,000 1968 $125,000 1978
125,000 1969 125,000 1979
125,000 1970 125,000 1980
125,000 1971 125,000 1981
125,000 1972 125,000 1982
125,000 1973 125,000 1983
125,000 1974 125,000 1984
125,000 1975 125,000 1985
125,000 1976 125,000 1986
125,000 1977 125,000 1987
SECTION 3: That said bonds shall bear interest from
date to maturity at the following. rates per annum:
(a)
(b)
(c)
(d)
(e)
(£)
such int (g) of said
and semi .
year. (h)
Bonds maturing in each of the years 1968
through 19 ?(at .s-%;
Bonds maturing in each of the years 19 72
through 19 73 at 3 -~ %;
Bonds maturing /4/ i.:A: each ei the year• 19 74
tflren,gl, 19 at .3,.30 %;
Bonds maturing in each of the years 19 zr
through 19 :Z(p at 3.~ %;
Bonds maturing in each of the years 19 77
through 19 7 9 at 3-fz %;
Bonds maturing in each of the years 19 J'o
through 19 Kl at 3 . .r.r %;
Bonds matur;p in each of the years
through 19 at .:?. ,o 1;
19 l:l,
Bonds matur,rn~ in each of the years
through 19 at 3,,~'%.;
19/S-
each
5, 1968,
each
aid
bonds shall be payable in lawful money of the United States of
America, without exchange or collection charges to the owner or
holder, at THE FIRST NATIONAL CITY BANK OF NEW YORK, New York,
New York, or, at the option of the holder, at CITIZENS NATIONAL BANK
Lubbock, Texas, upon presentation and surrender of bonds or proper
coupons.
SECTION 5: That the seal of said City may be impressed
on each of said bonds or, in the alternative, a facsimile of such
seal may be printed on the said bonds. The bonds and interest
coupons appurtenant thereto may be executed by the imprinted facsi-
mile signatures of the Mayor and City Secretary of the City, and ex -
cution in such manner shall have the same effect as if such bonds
and coupons had been signed by the Mayor and City Secretary in
person by their manual signatures. Inasmuch as such bonds are
required to be registered by the Comptroller of Public Accounts
for the State of Texas, only his signature (or that of a deputy
designated in writing to act for the Comptroller) shall be
required to be manually subscribed to such bonds in connection with
his registration certificate to appear thereon, as hereinafter
provided; all in accordance with the provisions of Article 717j-l,
V.A.T.c.s.
SECTION 6: That the form of said bonds shall be sub-
stantially as follows:
NO. UNITED STATES OF AMERICA
STATE OF TEXAS
COUNTY OF LUBBOCK
$5,000
CITY OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND
SERIES 1967
The CITY OF LUBBOCK, a municipal corporation of the State
of Texas, acknowledges itself indebted to, and FOR VALUE RECEIVED,
hereby promises to pay to bearer, without right of prior redemp-
tion, the sum of
FIVE THOUSAND DOLLARS
($5,000), in lawful money of the United States of America, on the
FIFTEENTH DAY OF MARCH, 19 ____ , with interest thereon from the
date hereof to maturity at the rate of _______ PER CENTUM
( %) per annum, payable on March 15, 1968, and semi-annuall
thereafter on September 15 and March 15 in each year, and interest
falling due on or prior to maturity hereof is payable only upon
presentation and surrender of the interest coupons hereto attached
as they severally become due.
BOTH PRINCIPAL of and interest on this bond are hereby
made payable at THE FIRST NATIONAL CITY BANK OF NEW YORK, New York,
New York, or, at the option of the holder, at CITIZENS NATIONAL
BANK, Lubbock, Texas, without excha,nge or collection charges to
the owner or holder, and for the prompt payment of this bond and
the interest thereon at maturity, the full faith, credit and
resources of the City of Lubbock, Texas, are hereby irrevocably
pledged.
THIS BOND is one of a series of Five Hundred (500)
serial bonds, numbered consecutively from One (1) through Five
Hundred (500), in denomination of Five Thousand Dollars ($5,000)
each, aggregating TWO MILLION FIVE HUNDRED THOUSAND DOLLARS
($2,500,000), issued for the purpose of making permanent public
improvements, to-wit: $675,000 for constructing improvements and
extensions to the City's Waterworks System; $75,000 for the purchas
ing, constructing and installing of street lighting in and for said
City; $100,000 for constructing and equipping a fire station build-
ing in and for said City; $430,000 for constructing improvements
and extensions to the City's Sanitary Sewer System, including the
acquisition of necessary rights-of-way; $630,000 for constructing
street improvements for said City, including acquisition of rights-
of-way; $215,000 for constructing, enlarging, extending and install
ing storm sewers, drains, and gutters, and other improvements inci-
dental thereto in and for said City, including the acquisition of
land for drainage purposes; and $375,000 for purchasing and/or
improving lands for public parks in and for said City, under
authority of the Constitution and laws of the State of Texas, and
pursuant to an ordinance duly adopted by the City Council of the
City of Lubbock, Texas, and recorded in the Minutes of said City
Council.
IT IS HEREBY CERTIFIED, RECITED AND REPRESENTED that the
issuance of this bond and the series of which it is a part is
·duly authorized by law and by vote of the resident qualified
electors of said City, who owned taxable property therein and who
had duly rendered the same for taxation, voting at elections held
for that purpose within said City on the 10th day of September,
1959, and on the 17th day of September, 1963; that all acts,
conditions and things required to be done precedent to and in the
issuance of this series of bonds and of this bond, have been proper y
done and performed and have happened in regular and due time, form
and manner as required by law; that sufficient and proper provision
for the levy and collection of taxes has been made which, when
collected, shall be appropriated exclusively to the payment of this
bond and the series of which it is a part, and to the payment of
the interest coupons thereto annexed as the same shall become due;
and that the total indebtedness of the City of Lubbock, Texas,
including the entire series of bonds of which this is one, does
not exceed any constitutional or statutory limitation.
IN TESTIMONY WHEREOF, the City Council of the City of
Lubbock, Texas, in accordance with the provisions of Article 717j-l,
V.A.T.C.S., has caused the seal of said City to be impressed or
a facsimile thereof to be printed hereon, and this bond and its
appurte~ant coupons to be executed with the imprinted facsimile
signatures of the Mayor and City Secretary of said City; the date
of this bond, in conformity with the ordinance above referred to,
being the FIFTEENTII DAY OF MARCH, 1967.
Mayor, City of Lubbock, Texas
COUNTERSIGNED:
City Secretary, City of Lubbock, Texas
SECTION 7: That the form of interest coupons attached
to each of said bonds shall be substantially as follows:
NO. ___ _ ON THE FIFTEENTH DAY OF ___ ,
19 ____ ,
$ __ _
the CITY OF LUBBOCK, a municipal corporation of the State of
Texas, hereby promises to pay to bearer, at THE FIRST NATIONAL
CITY BANK OF NEW YORK, New York, New York, or, at the option of
the holder, at CITIZENS NATIONAL BANK, Lubbock, Texas, without
exchange or collection charges to the owner or holder, the sum of
_________ DOLLARS
($ ______ _, , in lawful money of the United States of America,
said sum being ____ months' interest due that day on the "CITY
OF LUBBOCK, TEXAS, GENERAL OBLIGATION BOND, SERIES 1967", dated
March 15, 1967. Bond No. ___ _
City Secretary Mayor
SECTION 8: That the following certificate shall be
printed on the back of each bond:
OFFICE OF COMPTROLLER
STATE OF TEXAS
l
l
I
REGISTER NO. ____ _
I HEREBY CERTIFY that there is on file and of record in
my office a certificate of the Attorney General of the State of
Texas, to the effect that this bond has been examined by him as
required by law, and that he finds that it has been issued in
conformity with the Constitution and laws of the State of Texas,
and that it is a valid and binding obligation upon said City of
Lubbock, Texas, and said bond has this day been registered by me.
WITNESS MY HAND AND THE SEAL OF MY OFFICE at Austin, Texas, _________ •
Comptroller of Public Acco\Dl.ts of the
State of Texas
SECTION 9: That a special fund to be designated "SPECIAL
GENERAL OBLIGATION BOND FUND,· SERIES 1967" is hereby created, and
the proceeds of all taxes collected for or on account of this
series of bonds shall be credited to said fund for the purpose of
paying the interest on and to provide a sinking fund for the
redemption of said bonds at maturity; and said fund shall be used
for no other purpose; that, while said bonds or any of them are
outstanding and unpaid, there shall be annually levied, assessed
and collected in due time, form and manner a tax upon all of the
taxable property in said City sufficient to pay the current inter-
est thereon and create a sinking fund sufficient to pay each
installment of principal as the same becomes due, or a sinking
fund of 2%, whichever is greater; and to pay the interest on said
bonds for the first year and to create a sfnking fund with which
to pay the principal as the same becomes due, or a sinking fund
of 27., whichever is greater, there is hereby levied a sufficient
tax on each one hundred dollars' valuation of taxable property
in said City for the current year and the same shall be assessed
and collected and applied to the purpose named; and while said
bonds or any of them are outstanding and unpaid, a tax each year
at a rate from year to year as will be ample and sufficient to
provide funds to pay the current interest on said bonds and to
provide the necessary sinking fund, full allowance being made for
delinquencies and costs of collection, shall be and is hereby
levied for each year, respectively, and said tax shall each year
be assessed and collected and applied to the payment of the
principal of and interest on said bonds. The City Council hereby
declares its purpose and intent to provide and levy a tax legally
and fully sufficient for such bonds, it having been determined
that the existing and ~vailable taxing authority of the City for
such purpose is adequate to permit a legally sufficient tax in
consideration of all other outstanding obligations.
SECTION 10: That the Mayor of said City shall be and
he is hereby authorized to take and have charge of all necessary
orders and records pending investigation by the Attorney General
of the State of Texas, and shall take and have charge and control
of the bonds herein authorized pending their approval by the
Attorney General and their registration by the Comptroller of
Public Accounts.
SECTION 11: That the sale of the bonds herein authorized
to
at the price of par and accrued interest to date of delivery, plus
a premium of $ -o -is hereby confirmed. Delivery of
the bonds shall be made to said purchaser as soon as may be after
the adoption of this ordinance, upon payment therefor in accor-
dance with the terms of sale.
' • ;tr. •
. I
SECTION 12: That the purchaser's obligation to accept
delivery of the bonds herein authorized is subject to their being
furnished a final opinion of Messrs. Dumas, Huguenin and Boothman,
Attorneys, Dallas, Texas, approving such bonds as to their
validity, said opinion to be dated and delivered as of the date
of delivery and payment for such bonds. Printing of a true and
correct copy of said opinion on the reverse side of each of such
bonds, with appropriate certificate pertaining thereto executed by
facsimile signature of.the City Secretary, is hereby approved and
authorized.
SECTION 13: That the public importance of this measure
and the fact that it is to the best interest of the City to
provide funds for the purpose of constructing the improvements
and extensions herein contemplated at the earliest possible date
for the immediate preservation of the public peace, property,
health and safety of the citizens of the City of Lubbock, constitut
and create an emergency and an urgent public necessity requiring
that this ordinance be passed and take effect as an emergency mea-
sure, and this ordinance is accordingly passed as an emergency
measure and shall take effect and be in force innnediately from and
after its passage.
PASSED AND APPROVED this the 23rd day of February, 1967.
City Texas
(City Seal)